DECEMBER 11, 2008

F1 and the FIA agree cost-cutting deal

The FIA and the Formula One Teams' Assocation have what they described as "the most successful meeting on Formula 1 matters which any of the participants can remember". Agreement was reached on a series of measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter. FOTA also made proposals for very significant cost saving in 2009, while maintaining F1 at the pinnacle of motor sport and reinforcing its appeal.

The details of the deal are not known but will be put to the FIA World Motor Sport Council on Friday.

"I am delighted with the outcome of this meeting," Max Mosley said.

"The unity of the teams was fundamental to meeting the goals for a new F1, but with the same DNA, as requested by the FIA," said Ferrari's Luca di Montezemolo.